Uzbek firm eyes production venture in Karabakh, AZPROMO confirms

One of the leading Uzbek companies is preparing to establish a production enterprise in Azerbaijan’s Karabakh region, marking a potential milestone in expanding economic cooperation among Turkic states.

The announcement was made by Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of Azerbaijan (AZPROMO), during a high-level meeting of investment promotion agencies from the Turkic world, Caliber.Az reports via local media.

“Currently, large-scale construction and renovation works are underway in Karabakh. More than $10 billion has been invested in these territories over the past four years,” Abdullayev stated.

“These are not direct foreign investments, but funds allocated from the state budget. I would like to see more foreign companies in this region, where companies from the UK, Türkiye, Hungary, and other countries are currently operating.”

He further highlighted Azerbaijan’s sustained efforts to attract foreign direct investment (FDI), noting that over the past two decades, the country has implemented significant reforms to create a more investor-friendly environment.

Uzbekistan’s commitment to contributing to the reconstruction of cultural heritage sites in the Karabakh region has also been emphasized by Uzbek President Shavkat Mirziyoyev. On August 23, 2024, Presidents Ilham Aliyev of Azerbaijan and Shavkat Mirziyoyev of Uzbekistan attended the opening ceremony of a secondary school in the liberated city of Fuzuli.

The school, named after the famous scholar Mirzo Ulugbek, was built to accommodate 960 pupils, following an initiative by President Mirziyoyev. The ceremony was held during Mirziyoyev's state visit to Azerbaijan.

By Vafa Guliyeva